Construction of Kuwaiti giant Al Mazaya's Oman homes 65% complete

Al Mazaya Holding revealed updates about its Oman project, as well its other GCC investments, as it disclosed a net profit of $24m for 2017

The construction of Mazaya Residence Oman is 65% complete.
The construction of Mazaya Residence Oman is 65% complete.

Kuwaiti property giant, Al Mazaya Holding, said its Oman project is 65% complete.

More than 40% of units have also been sold in Phase 1 of the project, named Al Mazaya Residence Oman. 

Construction work has also commenced on the project's 132-unit Phase 2.

An integrated compound in Al Seeb, Mazaya Residence is divided into phases, the first of which comprises 120 apartments and 28 shops. 

READ: Kuwait-owned Mazaya Residence in Oman 30% complete

In 2017, the developer was  pre-qualified to develop and operate six residential and labour cities, under the public-private partnership (PPP) model, for the Labour Camp Project in South Jahra.

In the same year, Al Mazaya completed a medical building in Sabah Al Salem, Kuwait, which has been rented out to doctors in the country.

The concept design process of Mazaya Downtown in Al Sharq was completed in 2017, with licensing work handed "to a leading local company in Kuwait", the developer said.

READ: Kuwaiti designers named to work on Mazaya Downtown

Al Mazaya completed and delivered four projects in Dubai last year, with total sales of 480 flats.

Additionally, the firm acquired two land plots for more than 800 residential units in Liwan, Dubailand. 

The developer revealed these details as part of its annual financial disclosure. 

Al Mazaya Holding recorded net profit worth $24m (KWD7.22m) for 2017.

READ: Mazaya Residence Al-Mawaleh on track for H2 2018 delivery

Sales revenues for the year amounted to $202.7m (KWD60.83m), while rental earnings came to $25.3m (KWD7.60m).

The developer's assets at the end of the year were valued at $765.7m (KWD229.81m).

Commenting on the company's 2017 financial performance, and business expectations for 2018, Ibrahim Al Saqabi, group chief executive officer of Al Mazaya Holding, said he was optimistic for the months ahead. 

He continued: "The year 2018 heralds a new era for the company to secure further phased growth that mitigates potential inflation-related risks in the future.

"[To] this end, the company, in 2017, initiated new accounting standards that optimise financial allocations and meet the change in currency value on the markets in which it's operating in order to maintain a robust budget.

"This policy has resulted in a decline in the company's profits amid intensive operational mobility and strong operating revenue from sales and leasing transactions."

Saqabi added that 2017 was "a challenging year", but reiterated that Al Mazaya was "able to meet the rapid changes that had their own bearing on various economic sectors, especially the real estate platform in the various markets in which we operate".

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